Gold, Other Metals Decline – 10/22/2009

by Bullion Prices Staff on October 22, 2009

Gold declined nearly $6 Thursday, breaking away from a four-day winning streak as the US dollar gained ground. Silver and platinum also fell, as did crude oil which retreated from a one-year high. US stocks rallied on positive news from several corporate earnings reports. New York precious metals figures follow:

Silver for December delivery fell 28 cents, or 1.6 percent, to $17.545 an ounce. It ranged from $17.365 to $17.790.

Gold for December delivery declined $5.90, or 0.6 percent, to $1,058.60 an ounce. The yellow metal ranged from $1,052 to $1,062.40.

January platinum edged lower by $4.50, or 0.3 percent, to $1,369.90 an ounce.

The most notable bullion quotes of the day follow:

“A stronger U.S. dollar shall unleash strong gold sellers,” Dennis Gartman, an economist in Suffolk, Virginia, and the editor of the Gartman Letter, was quoted on Bloomberg.

“There’s some intermediate profit-taking going on. Any time you get a little bit of a dollar bounce, you see gold sell off,” Zach Oxman, managing director at TrendMax Futures, a commodities trading firm in Rancho Santa Fe, Calif, was quoted on MarketWatch.

In London bullion, the benchmark gold price was fixed earlier in the day to $1,053.00 an ounce, which was a decline of 75 cents. Silver was at $17.550 an ounce for a 16 cent gain. Platinum was fixed $12.00 higher to $1,358.00 an ounce.

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